Internal restructuring
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

500 jobs
Number of planned job losses
Job loss
Announcement Date
8 September 2008
Employment effect (start)
8 September 2008
Foreseen end date
31 December 2010


On 8 September 2008 the banking company HSH Nordbank announced that it wanted to cut 750 out of 4300 jobs until 2010. The cuts are part of a major restructuring programme aimed at cutting costs and raising overall profits. 200 of the 750 jobs will be cut outside Germany (specific countries not mentioned). Direct dismissals are not excluded but one of the measures will be not to replace employees when they retire. The bank is currently owned by the German federal states of Hamburg and Schleswig-Holstein.


  • 9 September 2008: Frankfurter Allgemeine Zeitung


Eurofound (2008), HSH Nordbank, Internal restructuring in Germany, factsheet number 67076, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67076.